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Leading House conservative wants IRS chief impeached

Yahoo Tax - Mon, 2016-05-23 15:03

Internal Revenue Service Commissioner John Koskinen should be impeached within weeks, said Jim Jordan, chairman of the House of Representatives Freedom Caucus, in an interview. Bashing the tax-collecting agency is a perennial Capitol Hill practice, but Jordan and a handful of other conservatives have been pushing it further than usual. "When someone violates the public trust in such a way as this individual has, and that agency has, then that's what warrants ... impeachment," Jordan said.


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Factbox: Greece legislates bailout reforms to get loans, debt relief

Yahoo Tax - Sun, 2016-05-22 13:39
Greek lawmakers approved on Sunday a bill which increases taxes, sets up a new privatization fund and frees up the sale of bank non-performing loans to help unlock fresh bailout funds and debt relief. TAX Indirect tax measures aimed at raising 1.8 billion euros or 1 percent of GDP up to 2018 - Increases value added tax to 24 from 23 percent and puts a levy on beer from June. - Extends the unpopular real estate tax ENFIA.
Categories: Tax news

Golfer Phil Mickelson To Repay $1 Million In Gains From Insider Trading- Is It Tax Deductible?

Yahoo Tax - Thu, 2016-05-19 16:31
Golfer Phil Mickelson -- who once landed in this space by famously threatening to retire rather than subject his $55 million in annual earnings to rising federal and state tax rates -- found himself in ...
Categories: Tax news

Trump taps climate change skeptic as energy adviser, pushes back on taxes

Yahoo Tax - Fri, 2016-05-13 15:08

By Valerie Volcovici and Emily Flitter WASHINGTON/NEW YORK (Reuters) - Donald Trump on Friday picked a prominent climate change skeptic to help him craft his energy policy and pushed back against renewed calls that he release his income tax returns - saying his tax rate is "none of your business." The presumptive Republican presidential nominee is seeking to build out his policy proposals as he pivots from campaigning for his party's nomination to a likely general election matchup with Democratic rival Hillary Clinton. Among those he has asked for help is U.S. Republican Representative Kevin Cramer of North Dakota, one of the country's most ardent oil and gas drilling advocates and climate change skeptics. North Dakota has been at the forefront of the U.S. shale oil and gas boom.


Categories: Tax news

U.S. judge rules Texas tycoon Wyly committed tax fraud

Yahoo Tax - Wed, 2016-05-11 04:29

U.S. Bankruptcy Judge Barbara Houser in Dallas ruled that there was "clear and convincing evidence" Wyly committed tax fraud, rejecting his arguments that he relied on professional advisers to vet the offshore system. The ruling followed a trial in which the Internal Revenue Service sought $1.43 billion in back taxes, penalties and interest from Wyly and $834.2 million from Caroline Wyly, the widow of his late brother Charles. While Houser found that Sam and Charles Wyly committed tax fraud, she ruled that Caroline "Dee" Wyly was innocent of wrongdoing and did not know the details of what was done offshore.


Categories: Tax news

Illinois Senate OKs school funding revamp with boost for Chicago

Yahoo Tax - Tue, 2016-05-10 15:36
Illinois' Democrat-controlled Senate on Tuesday passed a bill to revamp the way the state funds K-12 public schools over the objections of Republicans, who labeled it a bailout for the cash-strapped Chicago Public Schools (CPS). The bill's sponsor, Democratic Senator Andy Manar, said it was time to rip up Illinois' nearly 20-year-old funding formula, replacing it with one that ensures school districts with high percentages of poor students get an adequate and equitable share of state money. Per-student funding in Illinois can range from $6,000 to $30,000, largely depending on a district's local property tax base, according to Manar.
Categories: Tax news

Kansas budget woes weigh on state's credit ratings

Yahoo Tax - Tue, 2016-05-03 13:59

(Reuters) - Moody's Investors Service on Tuesday slapped a negative outlook on Kansas' Aa2 credit rating, citing the state's reliance on one-shot measures to balance its budget. Governor Sam Brownback plans to divert $185 million in sales tax revenue from the state' highway fund to the general fund and delay a $96.5 million fiscal 2016 pension payment to help fill the gap. "By continuing to balance its budget with unsustainable, nonrecurring resources, including pension underfunding, it is accumulating large and expensive long-term liabilities that it will be paying off for a long time," Moody's said in a statement.


Categories: Tax news

Commerzbank to stop offering tax loophole deals to clients

Yahoo Tax - Tue, 2016-05-03 02:50

Commerzbank , which faces criticism for helping investors exploit tax loopholes in Germany, will stop offering such tax deals in anticipation of new legislation, Chief Financial Officer Stephan Engels said on Tuesday. German Chancellor Angela Merkel's cabinet in February drafted a law which, if approved in parliament, would grant foreign investors the same tax status as domestic investors. Under current law, domestic funds are exempt from paying corporate income tax on revenue related to dividends and real estate, while foreign funds are required to pay 15 percent tax on such gains.


Categories: Tax news

Atlantic City, N.J., avoids default on bond payment

Yahoo Tax - Mon, 2016-05-02 09:28

Atlantic City, New Jersey's cash-strapped gambling hub, avoided a default on Monday by making its $1.8 million debt service payment, Mayor Don Guardian said. It has lost nearly 70 percent of its property tax base since 2010 as casino values plummeted because of competition from neighboring states. "If we didn't make our bond payment it would be detrimental (to everyone), including us," Mayor Don Guardian said at a press conference.


Categories: Tax news

Bailout Act Includes Tax Breaks for the Little Guy

SmartMoney.com - Tax Matters - Wed, 2008-10-08 12:27
The unpopular Fed bailout act does offer some nice tax breaks.
Categories: Tax news

A Smart Tax Move for Short-Term Investors

SmartMoney.com - Tax Matters - Wed, 2008-10-01 11:30
Reduce the tax hit on short-term bets by investing in broad-based equity index options.
Categories: Tax news

Refundable AMT Credit Could Mean Cash Back for You

SmartMoney.com - Tax Matters - Wed, 2008-09-24 09:49
If you exercised incentive stock options and got socked by the AMT, here's some relief.
Categories: Tax news

Borrowing From Your IRA

SmartMoney.com - Tax Matters - Thu, 2008-09-18 08:16
It can be a source for an interest-free short-term loan -- or a bad idea if you do it wrong.
Categories: Tax news

Why Our @*$! Tax Code Is So Confusing

SmartMoney.com - Tax Matters - Wed, 2008-09-10 08:30
I'm a CPA and our stupid tax code even drives me nuts. Politicians, are you listening?
Categories: Tax news

Which Cars Qualify for Alternative Fuel Credit?

SmartMoney.com - Tax Matters - Thu, 2008-09-04 06:34
Here's a list of which vehicles still qualify for the juicy tax credit of up to $3,000.
Categories: Tax news

IRAs Are Better Than Ever as Retirement Tool

SmartMoney.com - Tax Matters - Wed, 2008-08-27 07:03
More folks are eligible -- and the contribution limits are higher. So get on this.
Categories: Tax news

Late Payments of Estimated Taxes Can Be Smart Move

SmartMoney.com - Tax Matters - Wed, 2008-08-20 10:27
If you pay estimated taxes, delaying your payments is remarkably painless.
Categories: Tax news

A Sneaky New Twist on the Wash-Sale Rules

SmartMoney.com - Tax Matters - Thu, 2008-08-07 07:16
The IRS says IRA and other transactions can now trigger the dreaded wash-sale rule.
Categories: Tax news

3 Brand-New Tax Changes You Need to Know About

SmartMoney.com - Tax Matters - Tue, 2008-08-05 11:00
New legislation has changes that will affect many homeowners.
Categories: Tax news
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